REAL ESTATE FAQS

When you are getting a home loan, you are required to have an MRI. An MRI is a form of protection for all parties, which means you, your developer and financing provider, in case of the buyer’s death.

This way, the life insurance covers the buyer’s mortgage in terms of the insured’s death. If the buyer has an existing life insurance, the financing provider could opt to assign that insurance as the MRI.

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